MMC leads £4 million funding round for API management business, Tyk
We are proud to announce our investment in Tyk Technologies, the industry-leading API gateway and management platform.
We led the £4 million round and the funding will be used to accelerate Tyk’s presence in rapidly-growing markets, specifically the US, where the company has established itself as the key challenger brand in the API space against competitors like Google’s Apigee, CA Technologies, and IBM. Tyk will be opening an office in Atlanta this summer to add to the Singapore office opened in 2017.
The idea behind Tyk was developed when the company’s founder, Martin Buhr, couldn’t find a lightweight, performant, and flexible API Gateway – so he built one himself and open sourced it. Since then, Tyk has grown to over 50 staff and has clients around the world including Starbucks, Domino’s and the UK Ministry of Justice.
Engineering teams use Tyk solutions to build cutting edge web platforms and create value across the retail, finance, telecoms, healthcare, media, and public sectors. Sephora France, the LVMH-owned, global cosmetics retailer, uses Tyk to secure their entire API programme, which powers their e-commerce platform, mobile apps, and customer loyalty programme. Tyk allows Sephora to build API-driven services that are easy to maintain and safe to use, even during peak Black Friday traffic of 8m+ API calls. The LVMH-owned Sephora France uses Tyk to power 100% of API traffic Average daily traffic is around 3-4 million but this can double or triple during peaks like Black Friday.
Dan Bailey led the deal for MMC and said,
“The market for API management is going through a significant shift. The number of connected services are exploding thanks to increasing demand for interoperability of products and the growth of API driven business models. The rise of DevOps in the Enterprise and shift to microservice architectures are driving the need for new, nimble products and a shift away from legacy API platforms.”
“The team at Tyk have consistently impressed us with their dedication and vision to shaping a better set of products and practices for the industry – engineers love the product, as well as the flexibility and extensibility of the platform.”
Martin Buhr, Co-Founder and CEO at Tyk, commented:
“We want to help engineers build great products that open up data and connect systems, with APIs at their core. Because we genuinely care about our community, there’s a huge desire to do things differently, whether it’s our practices to support work-life balance or our Enterprise-grade level open source API gateway. For us it’s all about working to create the best quality API Management tools that we can.”